are ten auditing standards, developed by the Auditing Standards Board of American

Institute of Certified Public Accountants

[edit] General Standards

1. The auditor must have adequate technical training & proficiency to perform the
audit.
2. The auditor must maintain independence (in fact and appearance) in mental
attitude in all matters related to the audit.
3. The auditor must exercise due professional care during the performance of the
audit and the preparation of the report. The auditor must diligently perform the
audit and report any misleading statements in the report.

[edit] Standards of Field Work

1. The auditor must adequately plan the work and must properly supervise any
assistants.
2. The auditor must obtain a sufficient understanding of the entity and its
environment, including its internal control, to assess the risk of material
misstatement of the financial statements whether due to error or fraud, and to
design the nature, timing, and extent of further audit procedures.
3. The auditor must obtain sufficient appropriate audit evidence by performing audit
procedures to afford a reasonable basis for an opinion regarding the financial
statements under audit.

[edit] Standards of Reporting

1. The auditor must state in the auditor's report whether the financial statements are
presented in accordance with generally accepted accounting principles.
2. The auditor must identify in the auditor's report those circumstances in which
such principles have not been consistently observed in the current period in
relation to the preceding period.
3. When the auditor determines that informative disclosures are not reasonably
adequate, the auditor must so state in the auditor's report.
4. The auditor must either express an opinion regarding the financial statements,
taken as a whole, or state that an opinion cannot be expressed, in the auditor's
report. When the auditor cannot express an overall opinion, the auditor should
state the reasons therefore in the auditor's report. In all cases where an auditor's
name is associated with financial statements, the auditor should clearly indicate
the character of the auditor's work, if any, and the degree of responsibility the
auditor is taking, in the auditor's report.

[edit] ISAs

International Standards on Auditing are developed by the International Auditing and

Assurance Standards Board of the International Federation of Accountants. Derivatives of
ISAs are used in the audit of several other jurisdictions, including the United Kingdom.

[edit] See also

Philippine Standards on Auditing (PSAs)

Glossary of Terms (December 2002)

IAASB Interim Terms of Reference (August 2004)
Philippine Framework for Assurance Engagements
Preface to International Standards and Philippine Standards
PSA 120 - Framework of Philippine Standards on Auditing
PSA 200 (Revised and Redrafted) - Overall Objectives of the Independent Auditor
and the Conduct of an Audit in Accordance with International Standards on
Auditing
PSA 210 (Redrafted) Agreeing the Terms of Audit Engagements
PSA 220 (Redrafted) Quality Control for Audits of Historical Financial
Statements
PSA 230 (Redrafted) Audit Documentation
PSA 240 (Redrafted) The Auditors Responsibility to Consider Fraud in an
Audit of Financial Statements
PSA 250 (Redrafted) Consideration of Laws and Regulations in an Audit of
Financial Statements
PSA 260 (Revised and Redrafted) Communication with Those Charged with
Governance
PSA 265 (New) - Communicating Deficiencies in Internal Control to Those
Charged with Governance and Management
PSA 300 (Redrafted) Planning an Audit of Financial Statements
PSA 315 (Redrafted) Identifying and Assessing the Risks of Material
Misstatement through Understanding the Entity and Its Environment
PSA 320 (Revised and Redrafted) Materiality in Planning and Performing an
Audit
PSA 330 (Redrafted) The Auditor's Responses to Assessed Risks
PSA 402 (Revised and Redrafted) Audit Considerations Relating to Entities
Using Service Organizations
PSA 500 (Redrafted) Audit Evidence
PSA 501 (Redrafted) Audit Evidence Additional Considerations on Specific
Items
PSA 505 (Revised and Redrafted) External Confirmations

PSA 510 (Redrafted) Initial Audit Engagements-Opening Balances

PSA 520 (Redrafted) Analytical Procedures
PSA 530 (Redrafted) Audit Sampling
PSA 540 (Revised and Redrafted) Auditing Accounting Estimates, Including
Fair Value Accounting Estimates, and Related Disclosures
PSA 550 (Revised and Redrafted) Related Parties
PSA 560 (Redrafted) Subsequent Events
PSA 570 (Redrafted) Going Concern
PSA 580 (Revised and Redrafted) Written Representations
PSA 600 (Revised and Redrafted) Special Considerations-Audits of Group
Financial Statements (Including the Work of Component Auditors)
PSA 610 (Redrafted) Using the Work of Internal Auditors
PSA 620 (Revised and Redrafted) Using the Work of an Expert
PSA 700 (Redrafted) The Independent Auditors Report on a Complete Set of
General Purpose Financial Statements
PSA 705 (Revised and Redrafted) - Modifications to the Opinion in the
Independent Auditor's Report
PSA 706 (Revised and Redrafted) - Emphasis of Matter Paragraphs and Other
Matter Paragraphs in the Independent Auditor's Report
PSA 710 (Redrafted) Comparative Information-Corresponding Figures and
Comparative Financial Statements
PSA 720 (Redrafted) The Auditor's Responsibilities Relating to Other
Information in Documents Containing Audited Financial Statements
PSA 800 (Revised and Redrafted) Special Considerations-Audits of Financial
Statements Prepared in Accordance with Special Purpose Frameworks
PSA 805 (Revised and Redrafted) - Special Considerations-Audits of Single
Financial Statements and Specific Elements, Accounts or Items of a Financial
Statement
PSA 810 (Revised and Redrafted) - Engagements to Report on Summary
Financial Statements

Codified Standards

PSA 230 Audit Documentation

PSA 260 Communication with those Charged with Governance
PSA 265 Communicating Deficiencies in Internal Control to those Charged with
Governance and Management
PSA 300 Planning an Audit of Financial Statements
PSA 450 Evaluation of Misstatements Identified During the Audit
PSA 500 Audit Evidence
PSA 501 Audit Evidence - Specific Considerations for Selected Items
PSA 505 External Confirmations

PSA 520 Analytical Procedures

PSA 510 Initial Audit Engagements: Opening Balances
PSA 550 Related Parties
PSA 560 Subsequent Events
PSA 610 Using the Work of Internal Auditors
PSA 620 Using the Work of an Auditor's Expert
PAPS 720 The Auditor's Responsibilities Relating to Other Information in
Documents Containing Audited Financial Statements
PAPS 1000 Inter-Bank Confirmation Procedures

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